JDST vs. SPXL
JDST (Direxion Daily Junior Gold Miners Index Bear 2X Shares) and SPXL (Direxion Daily S&P 500 Bull 3X ETF) are both Leveraged Equities funds from Direxion - JDST tracks the MVIS Global Junior Gold Miners Index (-300%) while SPXL tracks the S&P 500. Both are passively managed. Over the past 10 years, JDST returned -59.50%/yr vs 28.61%/yr for SPXL. Their -0.17 correlation means they have often moved in opposite directions in the past. JDST charges 1.10%/yr vs 0.84%/yr for SPXL.
Performance
JDST vs. SPXL - Performance Comparison
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Returns By Period
In the year-to-date period, JDST achieves a -18.61% return, which is significantly lower than SPXL's 22.10% return. Over the past 10 years, JDST has underperformed SPXL with an annualized return of -59.50%, while SPXL has yielded a comparatively higher 28.61% annualized return.
JDST
- 1D
- 7.27%
- 1M
- 10.46%
- 6M
- 5.97%
- YTD
- -18.61%
- 1Y
- -79.18%
- 3Y*
- -66.93%
- 5Y*
- -52.90%
- 10Y*
- -59.50%
- ALL TIME*
- -68.78%
SPXL
- 1D
- 2.01%
- 1M
- -0.23%
- 6M
- 18.15%
- YTD
- 22.10%
- 1Y
- 54.55%
- 3Y*
- 41.56%
- 5Y*
- 19.59%
- 10Y*
- 28.61%
- ALL TIME*
- 27.32%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $11.95M | $13.83M | $18.78M | |
| $473.70M | $462.79M | $534.56M |
JDST vs. SPXL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
JDST Direxion Daily Junior Gold Miners Index Bear 2X Shares | -18.61% | -91.10% | -40.98% | -28.29% | -26.25% | 10.97% | -95.97% | -80.30% | -1.60% | -63.44% |
SPXL Direxion Daily S&P 500 Bull 3X ETF | 22.10% | 31.94% | 63.61% | 69.49% | -56.55% | 98.75% | 9.64% | 102.80% | -25.11% | 71.03% |
Correlation
The correlation between JDST and SPXL is -0.44, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.44 |
Correlation (3Y) Balances recent behavior with more history. | -0.32 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.31 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.21 |
Correlation (All Time) Calculated using the full available price history since Oct 3, 2013 | -0.17 |
Over the past year, the inverse relationship between JDST and SPXL has strengthened: their correlation has moved from -0.17 to -0.44, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
JDST vs. SPXL — Risk / Return Rank
JDST
SPXL
JDST vs. SPXL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Junior Gold Miners Index Bear 2X Shares (JDST) and Direxion Daily S&P 500 Bull 3X ETF (SPXL). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| JDST | SPXL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.97 | ||
| Sortino ratioReturn per unit of downside risk | -3.12 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.22 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.90 | 1.76 | -2.66 |
| Martin ratioReturn relative to average drawdown | -1.10 | 6.74 | -7.84 |
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Drawdowns
JDST vs. SPXL - Drawdown Comparison
The maximum JDST drawdown since its inception was -100.00%, which is greater than SPXL's maximum drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for JDST and SPXL.
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Drawdown Indicators
| JDST | SPXL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -76.86% | -23.14% |
Max Drawdown (1Y)Largest decline over 1 year | -88.72% | -26.77% | -61.95% |
Max Drawdown (3Y)Largest decline over 3 years | -98.58% | -48.95% | -49.63% |
Max Drawdown (5Y)Largest decline over 5 years | -99.28% | -63.80% | -35.48% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | -76.86% | -23.14% |
Current DrawdownCurrent decline from peak | -100.00% | -6.70% | -93.30% |
Average DrawdownAverage peak-to-trough decline | -95.35% | -16.04% | -79.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 72.79% | 6.98% | +65.81% |
Volatility
JDST vs. SPXL - Volatility Comparison
Direxion Daily Junior Gold Miners Index Bear 2X Shares (JDST) has a higher volatility of 30.04% compared to Direxion Daily S&P 500 Bull 3X ETF (SPXL) at 10.75%. This indicates that JDST's price experiences larger fluctuations and is considered to be riskier than SPXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| JDST | SPXL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 30.04% | 10.75% | +19.29% |
Volatility (6M)Calculated over the trailing 6-month period | 86.12% | 30.45% | +55.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 106.73% | 38.62% | +68.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 82.80% | 50.62% | +32.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 103.95% | 53.45% | +50.50% |
JDST vs. SPXL - Expense Ratio Comparison
JDST has a 1.10% expense ratio, which is higher than SPXL's 0.84% expense ratio.
Dividends
JDST vs. SPXL - Dividend Comparison
JDST's dividend yield for the trailing twelve months is around 5.96%, more than SPXL's 0.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
JDST Direxion Daily Junior Gold Miners Index Bear 2X Shares | 5.96% | 15.08% | 6.50% | 4.81% | 0.00% | 0.00% | 11.75% | 3.16% | 0.57% | 0.00% |
SPXL Direxion Daily S&P 500 Bull 3X ETF | 0.53% | 0.69% | 0.74% | 0.98% | 0.32% | 0.11% | 0.22% | 0.84% | 1.02% | 3.88% |
Frequently Asked Questions
JDST and SPXL have a correlation of -0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
JDST has higher volatility (30.04%) compared to SPXL (10.75%). In terms of maximum drawdown, JDST dropped -100.00% vs SPXL's -76.86%.
On 10-year performance, SPXL leads with 28.61% vs -59.50% for JDST. On fees, SPXL is cheaper at 0.84% per year. On volatility, SPXL has been the lower-risk option at 10.75%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPXL has performed better with a 28.61% return vs -59.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPXL is cheaper with a 0.84% expense ratio, compared with 1.10% for JDST.
JDST has the higher dividend yield at 5.96%, compared with 0.53% for SPXL.
JDST tracks MVIS Global Junior Gold Miners Index (-300%), while SPXL tracks S&P 500. Their fees differ too: 1.10% for JDST and 0.84% for SPXL.
SPXL currently has the higher Sharpe Ratio (1.22 vs -0.75), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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